HSBC shares slide despite $2bn stock buyback

Traders were not impressed with HSBC's $2bn share buyback, with the stock dropping as much as 2.7 per cent in Hong Kong on Friday as the bank revealed rising costs in its first quarter. HSBC said on Friday it would initiate the buyback soon - but that it was likely to be its only such repurchase in the year. Friday's results underwhelmed, with HSBC shares in Hong Kong coming out of the lunch trading break down 2.3 per cent to HK$75. Return on equity for the bank fell compared with the same quarter last year, from 8 per cent to 7.5 per cent. HSBC grew its loans by $17bn, or 2 per cent, in the first quarter.